# First-Differenced Demographics → Trilemma Indices

| Variable | dMI | dERS | dFO |
|:---|---:|---:|---:|
| d_Z_1 | 0.7398 | 1.1824 | 0.5004 |
| | (0.7523) | (0.8038) | (0.4785) |
| d_Z_2 | -0.1127 | -0.1591 | -0.1050 |
| | (0.1137) | (0.1209) | (0.0717) |
| d_Z_3 | 0.0048 | 0.0065 | 0.0048 |
| | (0.0048) | (0.0051) | (0.0030) |
| d_fiscal_bal_gdp | 0.0012 | 0.0009 | 0.0011* |
| | (0.0007) | (0.0009) | (0.0006) |
| d_nfa_gdp_lag | 0.0068 | 0.0021 | 0.0065 |
| | (0.0074) | (0.0078) | (0.0049) |
| d_rgdp_growth | 0.0001 | 0.0012** | 0.0003 |
| | (0.0004) | (0.0005) | (0.0004) |
| d_log_rel_opw | 0.0042 | -0.0136 | -0.0341* |
| | (0.0269) | (0.0313) | (0.0193) |
| d_kaopen | -0.0068 | 0.0075 | |
| | (0.0070) | (0.0088) | |
|:---|---:|---:|---:|
| N | 3893 | 4313 | 4414 |
| R² | 0.0013 | 0.0016 | 0.0030 |
| Countries | 143 | 148 | 151 |

*Panel GLS on first-differenced variables. Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*